The internet is a huge place with so many different varieties of websites on it. In fact, its one of the best places to get instant loans quickly and anonymously. However, scam instant loans are a dime a dozen too. There have been reported cases of borrowers handing over their personal details to so-called lending companies and then finding out that the company was non-existent. These scam companies would then use the personal details of the customer to apply to authentic companies and take loans on their names. Not all lending sites are like this but loans scams are not easy to spot. To help you out, we’ve listed a few simple scams that are doing the rounds at present and which you should watch out for.
Avoid all mails that come to your mail box
Please note that there are email databases on the internet that are free for use. If you have listed your email anywhere on the internet, it will be there on this database. Scam lending companies will then use a email robot to personalize a email and send it directly to you pre-approving you for a loan. Never reply back to such emails and delete them directly. These are just phishing mails that are trying to get a hook into your email box. If you click on any link in the email, you will be automatically authenticating the mail and you will be allowing the hacker or scammer entry into your email box. Delete these mails immediately and then block the email id from your mail box.
Do not send money to any instant loans companies
Lending companies are supposed to send you money and not the other way around. If there are fees involved in the lending process, they should be deducted from the amount that was lent to you. Make sure that you do not send fees, admin charges, approval fees, credit check fees or any such named amounts to the lender. This applies to any emails too from friends and family asking for a loan. It works the same way.
Check the company reputation
If you have already applied to a lending company, make sure that you check the reputation of the company online before hand. If you find more complaints than positive remarks, then we suggest you switch to a different instant loans company. If the complaints and positive comments are 50:50 then you can still think about using the company for instant loans. Please be very careful while handing out your personal details though.
Although these are just a few general tips, we urge you to be cautious. Most instant loans companies are straightforward with simple lending processes and fees. They will also let you know the repayment process and the APR rate. If at any time, you start doubting the company or the lending agent, we suggest you stop the process immediately. You are well within your legal rights to do so without any reprisals.